And negative contributions on a scrip-wise basis were led by Habib Bank Limited (-653 points) and UBL (-544 points) respectively.

This was primarily due to HBL’s higher admin expenses on account of business transformation and compliance program and UBL’s significant one-off pension cost of Rs8.8 billion and enormous provisioning expenses majorly on overseas loan book caused this.

The capital market recorded the highest never net foreign outflows of $537 million in 2018 (net outflow for the 4th consecutive year).

Foreigners divestment sector wise stood at $317 million for insurance companies, individuals $153 million and companies $107 million respectively.

In the first half of 2018, foreign selling clocked-in at $134 million, whilst a majority of the selling was witnessed in the second half of the year.

This was due to a sharp adverse currency movement, economic challenges and MSCI’s relocation of blue chips (Lucky Cement and UBL) to small cap index which contributed to major outflow.

The highest outflow was recorded in commercial banks ($263 million), exploration and production ($148 million), cement ($73 million), power generation and distribution ($37 million) and textile ($28 million).